Egypt increases monthly minimum way by 50%

Egypt increases monthly minimum way by 50%

Egypt has launched its “largest social protection package” worth EGP180 billion ($5.83 billion) as part of its move to tackle the mounting inflationary pressure, according to a local media report. President Abdel Fattah Al-Sisi has ordered monthly minimum wages to increase by 50 percent to EGP6,000 from March as part of a new social protection […]Egypt has launched its “largest social protection package” worth EGP180 billion ($5.83 billion) as part of its move to tackle the mounting inflationary pressure, according to a local media report.

President Abdel Fattah Al-Sisi has ordered monthly minimum wages to increase by 50 percent to EGP6,000 from March as part of a new social protection scheme, Daily News Egypt reported.

The package also encompasses pension hikes and new initiatives to ease the financial burden on citizens.

The scheme allocates an extra EGP15 billion for professionals such as doctors, nurses, teachers, and university faculty members, as well as EGP6 billion to appoint 120,000 new medical professionals, teachers, and other administrative workers.

The social package includes a 15 percent increase in pensions for 13 million residents worth EGP74 billion.

The social initiative includes raising the tax exemption limit for state, government, and private sector employees by 33 percent, from EGP45,000 to EGP60,000,